Metrics to help fight pricing discrepancies
Before you can start fixing any price discrepancies on your site, you need a way of measuring how successful your efforts will be. Metrics like time on page, bounce rate, and abandoned cart rate can give you vast insights into how many people are leaving your site before checkout, and why they’re doing so.
Cart abandonment rate
Your cart abandonment rate measures the percentage of shoppers who add an item to their cart, but then leave the site before completing the purchase. Here’s how you can work it out:
Cart abandonment rate (%) = 1 - ( # completed purchases / # shopping carts created)
For example, you might find customers create 200 carts in total, but only 64 of them complete the checkout. This means your cart abandonment rate is 68%.
Cart abandonment rate is an incredibly useful metric to track in order to start capturing carts back from users who left them since it’s a leading indicator that there's a problem in the checkout process.
The main downside? Cart abandonment rate doesn’t narrow down what’s causing users to abandon their cart. Customers might leave your site due to pricing discrepancies, a confusing checkout experience, or any number of other reasons. That’s where other metrics and measurements come in handy.
Heat maps and screen recordings
Heat mapping and session recording tools like Hotjar can track and visually display shoppers’ activity on your site.
Hotjar allows you to track mouse activity on your checkout page, helping to diagnose pricing discrepancies. Image via Hotjar
You can set up a heat map on your checkout page to track visitors’ clicking and scrolling habits, and narrow down whether your high cart abandonment rate is caused by pricing discrepancies or another reason.
Time on page
Is your customer spending 10 minutes on the checkout page debating if they want to purchase? That could be a sign of pricing discrepancies. Usually, if a checkout experience is confusing, visitors will often click around until they find out how to continue. If instead, they’re simply waiting on the page for a while without doing anything before leaving the site, that’s a strong sign your pricing isn’t what they expected.